Oasis Fans Hit by Costly Ticket Scams Amid Tour Frenzy, Bank Warns

Loyal Oasis fans, eager to secure tickets for the band’s highly anticipated reunion tour, have become prime targets for scammers, with victims losing an average of £346, according to new findings from Lloyds Bank. The bank’s analysis reveals that people aged 35 to 44 are most at risk, making up nearly a third (31%) of reported cases. In some cases, fans lost as much as £1,000 as scammers exploited the surge in ticket demand.

Lloyds’ data, gathered from reports made by customers across Lloyds Bank, Halifax, and Bank of Scotland between August 27 and September 25, paints a clear picture: fake advertisements and posts on social media accounted for over 90% of the ticket scam cases, with around 70% involving Oasis fans. Scammers typically use social media to post fake listings, offering discounted or “exclusive” tickets to sold-out events. After victims make an upfront payment, the scammers disappear, leaving fans with no tickets and a financial loss.

“Fraudsters Wasting No Time Targeting Oasis Fans”

Liz Ziegler, fraud prevention director at Lloyds, said, “Predictably, fraudsters wasted no time in targeting loyal Oasis fans as they scrambled to pick up tickets for next year’s must-see reunion tour.” She emphasized the importance of purchasing tickets directly from reliable sources: “Buying directly from reputable, authorised retailers is the only way to guarantee you’re paying for a genuine ticket.”

Ziegler also warned against using bank transfers to pay unknown sellers, especially on social media platforms, saying, “If you’re asked to pay via bank transfer, particularly by a seller you’ve found on social media, that should immediately set alarm bells ringing.”

New Fraud Reimbursement Rules Aim to Protect Consumers

The rise in scams comes as new mandatory reimbursement rules for authorised push payment (APP) fraud took effect last month. Overseen by the Payment Systems Regulator (PSR), the rules require banks to reimburse victims of fraud unless there is evidence of gross negligence by the customer. A reimbursement cap of £85,000 has been set, although banks may choose to refund higher amounts. The new protections apply to transactions made from October 7 onwards, offering an extra layer of security for victims.

Previously, a voluntary reimbursement code provided some relief for fraud victims, along with bank-specific refund guarantees. However, these new, more stringent rules mark a step forward in protecting consumers against payment fraud, helping to ensure that those tricked into transferring money to fraudsters have a better chance of recovery.

Tips for Avoiding Ticket Scams

With ticket scams spiking during high-demand events, Lloyds offers practical advice to help fans avoid falling victim:

1. Purchase from Trusted Sources: Only buy tickets from official retailers or authorized resellers, avoiding unknown sellers on social media.
2. Avoid Bank Transfers to Unknown Sellers: If a seller insists on a bank transfer, it’s a major red flag. Scammers prefer bank transfers because they’re hard to trace.
3. Stay Alert as Event Dates Approach: Scammers often strike twice—first when tickets go on sale, and again as the event nears. Increased vigilance during these times can prevent potential losses.

The Oasis ticket scam surge is a reminder of the importance of secure purchasing and highlights the ongoing threat of fraud in high-demand markets. With new rules in place, fans who fall victim may now have better protection, but the best safeguard remains buying from trusted sources and staying alert to red flags in the digital marketplace.

The government is urging 18 to 22-year-olds to come forward and claim an account with an average £2,212 waiting for them.

Right now, £1.4bn is sitting in Child Trust Funds that have matured but haven’t been accessed – forgotten cash that could make a huge difference to your finances. 

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“Many parents and children aren’t aware they even have the account, or don’t know who the money is with or how to track it down,” said Charlene Young, pensions and savings expert at AJ Bell.

If you were born between 1 September 2002 and 2 January 2011 and your parents received Child Benefit, chances are you have a Child Trust Fund Account (CTF) waiting for you. 

CTFs were launched in 2005 to encourage parents to save for their kids’ future.

Most parents or guardians got a £250 voucher from the government to set up an account a CTF, or £500 if the family had a low income.

For those born after August 2010, your voucher may only have been £50.

Parents or guardians could add money over the years, enjoying tax-free growth. Even if they didn’t do anything with the voucher, the taxman may have opened an account on your behalf.

The cash has been growing all this time, and now, as those kids turn 18, they have a right to claim that CTF cash – averaging over £2,200 each.

The problem is, around a million people have no idea they have a CTF waiting for them.

“More than a quarter of CTF accounts were set up by the government because parents failed to do so within the 12-month window,” Ms Young said.

“This highlights why so many are unclaimed- as the parents either weren’t aware or won’t remember that an account was even set up for their child, let alone where the money is now.”  

Last year, the government estimated that’s a whopping 42% of 18–20-year-olds haven’t claimed theirs.

How track down your CTF

Tracking down your Child Trust Fund is easy. The government has an online tool that will tell you which provider holds your account. Just go to www.gov.uk/child-trust-fund/find-a-chid-trust-fund. 

If you’re 16 or over, you can look for your own CTF. Otherwise, a parent or guardian can track it down for you. All you need is your full name, address and date of birth.

Once you know which bank or investment firm holds your CTF, contact them for your account details.

Finding your own CTF is simple, so don’t be tempted by companies offering to do it for you.

Many will take up to 25% of your cash for just a few minutes’ work you could easily do yourself.

What to do with the money once you have it

After you’ve tracked down your account, think carefully about what you are going to do with your money.

If you’re lucky, you’ve just got a four-figure sum, and how you use it could help shape your future.

One option is to move the money into a Lifetime ISA. These tax-free accounts can be used to save for your first home or retirement, with the government throwing in a 25% bonus on anything you deposit.

So, the average CTF balance of £2,200 would jump to £2,750 if placed into a Lifetime ISA.

“If you then invested it to age 30, and it grew at 5% a year, even if you put nothing else in, it could be worth £5,005,” said Sarah Coles, head of personal finance at Hargreaves Lansdown.

If you added the full £4,000 Lifetime ISA allowance each year as well, by the time you were 30 you could have £75,000 towards your first home.

Another option is to boost your retirement by putting your CTF money straight into a pension.

“If you put £2,200 into a pension at 18 (and got basic rate tax relief on it) and it grow at 5% to the age of 70, it might be worth £35,353,” Ms Coles explained.

Or, use it to cut the cost of university.

Borrowing £2,200 on a student loan and leaving it unpaid for 39 years, with long-running RPI at 5.3%, compounding daily, would add up to £15,180 in interest alone, according to Ms Coles’ figures. 

So, putting that £2,200 toward your student loan now could save you over £15,000 in interest in the long run.

“At this age £2,200 can make an enormous different,” Ms Coles said.

“Many people are at the stage in life when they are earning less – or nothing at all – and yet are still wrestling with horrible outgoings.

“It can transform everyday life, possibly by providing a rental deposit so you can afford to move out or repaying debts to get you back on track.

“It can help fund your studies, or it can be saved or invested for life’s milestones, from buying a house to retirement.

“It’s why it’s so essential people are reunited with this money, to give it a chance to make the difference at a time when it counts for so much.”

Avoid large fees

Even if your child isn’t 18 yet, it is worth finding their CTF now. If you don’t, you could find they have less cash when it matures due to the massive fees your CTF provider may be charging.

A report last year from the Public Accounts Committee found that many CTF providers charge huge management fees, with some taking 1.5% a year or charging high fixed fees. In contrast, many Junior ISAs charge just 0.25% in fees. 

“If you have a Child Trust Fund worth £1,000 a £25 fee is equivalent to 5% a year, likely eating up most or all of your investment gains,” said Laura Suter, director of personal finance at AJ Bell.

“On smaller accounts the charges could even be worth more than the investment growth.

“One recently reported case saw an unfortunate saver left with just £12.39 in their account after charges.

“That’s about enough to drown your sorrows in a pint and pick up a kebab on the way home – you’ll need to walk though as there isn’t enough to cover the taxi too.”

Find your CTF and move it into a Junior ISA to cut fees and protect your cash.

Pension ‘Megafunds’ to Supercharge UK Economy in Major Reform Push

In an ambitious bid to overhaul the nation’s pension landscape, Chancellor Rachel Reeves has unveiled plans for what she’s calling the “biggest pension reform in decades.” The government aims to consolidate the UK’s 86 council pension schemes into a smaller number of “pension megafunds,” modeled after successful schemes in Australia and Canada. These large-scale funds are expected to drive billions of pounds into vital UK sectors like energy infrastructure, tech start-ups, and public services.

Building a British Model Based on Global Success

Reeves told the BBC that the current setup of UK public sector pension funds is too fragmented to yield strong returns for British savers. “Our pension funds in Britain are too small to be making the investments that get a good return for people saving for retirement and to help our economy to grow,” she emphasized.

In countries like Canada and Australia, pensions for local government employees—teachers, civil servants, and more—are pooled into a few large funds, allowing for significant global investments. “They probably have the best pension funds anywhere in the world,” Reeves said, aiming to replicate this successful model in the UK.

A Strategic Push to Drive Economic Growth

The new pension megafunds are part of Reeves’ broader strategy to drive economic growth. Her announcement comes on the heels of rising business discontent over the increase in employer National Insurance contributions, which were included in the Budget. While acknowledging the critiques, Reeves defended the move, saying, “I’m not immune to those criticisms, but it was necessary to increase taxes” to ensure public services are well-funded and the state’s finances remain stable.

The consolidation effort involves merging the council pension funds—which collectively hold £354 billion in assets and are currently managed by local government officials—into megafunds run by fund managers. Reeves highlighted that these larger funds would be encouraged to invest in their local economies, setting specific targets for local investment as part of their mandates.

Private Sector Reforms and Unlocking Billions for UK Investment

The government’s pension reforms also target the private sector, aiming to set minimum size limits for defined contribution schemes, which manage around £800 billion in assets. This move seeks to consolidate the 60 or so multi-employer schemes to create more efficient, high-yield investment opportunities.

If successful, the government’s plans could release a staggering £80 billion into the UK economy, according to their estimates. Reeves emphasized that the current situation, where Canadian and Australian pension funds hold significant investments in UK assets while British savers do not, “made no sense at all.” She added, “It’s about time British pensioners benefitted from the long-term growth opportunities that exist right here in the UK

Much has been made of the so-called Great Wealth Transfer, with predictions of trillions of pounds moving from the Babyboomer generation to their children in the coming years.

Many advisers are being urged to build relationships with the next generation in anticipation of this shift. But I think this is a distraction from where our efforts should be focused: looking after our current clients.

The fact is, Babyboomers hold the majority of the wealth and, therefore, most of the need for financial advice. These are the clients we’ve built long-term relationships with and the ones who require our expertise now. Shifting attention to their children, who often don’t yet need this level of service, can pull efforts away from where we add the most value.

It’s also worth questioning whether focusing on the next generation is credible, as well as advisable.

The real value lies in continuing to focus on those who need us now. Our existing clients deserve our attention

In my experience, individuals often move away from their original adviser as their financial circumstances change. Life events such as an inheritance or windfall can prompt them to seek an adviser who is more in tune with their new financial needs.

I’ve observed several clients who, after coming into wealth, felt they had outgrown their previous adviser — often because that adviser specialised in areas like mortgages or basic financial planning, rather than wealth management. These clients realised their old adviser was no longer suited to handling the complexities of their evolving financial situation.

Wasted time and energy

The narrative that advisers must secure the next generation to maintain assets under management seems shortsighted.

The time and energy spent trying to engage the children of clients often don’t pay off. Many of them believe they can handle their finances through quick Google searches or AI tools like ChatGPT, which often offer outdated or inaccurate information.

It’s not about ‘winning’ clients from one generation to the next; it’s about making sure our current clients and their families are well cared for

Some online tools may work for basic financial decisions but they rarely hold up when real-life complexities arise. As professionals, we know how to filter out what’s useful and what’s not. But the next generation may not have the expertise to make these distinctions, which means much of our effort in chasing them is wasted.

Talking with peers who are part of this demographic, many don’t even feel they need professional advice yet.

Another factor to consider is that advice is not just about knowledge — it’s about trust. Boomers have developed a strong relationship with their adviser, built on years of trust and understanding. Their children, however, may not yet have that trust or relationship with us. Forcing those connections may feel transactional and a forced relationship can fall flat.

We should aim to help the people we know we can genuinely assist, rather than try to build quick, shallow relationships for the sake of a potential future.

Engaging with spouses

Where I do not disagree is about engaging all members of the current generation, particularly spouses, who, it is reported, are often overlooked in the advice process.

Spouses, especially women, are increasingly becoming the key financial decision maker in a family.

The time and energy spent trying to engage the children of clients often don’t pay off

In many cases, they may find themselves in control of family finances after the death of a partner. Yet many women feel disengaged from or underserved by the financial services industry.

A large percentage of women switch adviser within a year of their husband’s death, not because of a lack of interest but due to the industry historically catering to men, leaving many women feeling marginalised.

This is where our focus must shift — ensuring both partners are equally engaged in financial planning, not as a client acquisition tactic but because it’s simply the right thing to do.

Continuity of service is crucial. I have several widows as clients and I’ve seen how, when a partner dies, they can feel overwhelmed by the responsibility. This has never been a radical realisation for me, though. We have an ethical duty to make sure they’re prepared and supported during this difficult transition.

The fact is, Babyboomers hold the majority of the wealth and, therefore, most of the need for financial advice

For most relationships (second marriages can be a notable exception), the base position is usually that wealth is joint. So it’s not about ‘winning’ clients from one generation to the next; it’s about making sure our current clients and their families are well cared for.

In the end, while it may seem prudent to fixate on building relationships with the next generation, the real value lies in continuing to focus on those who need us now.

Our clients deserve our attention, and chasing the next generation may ultimately be a costly distraction from this core objective.

Alistair Cunningham is financial planning director at Wingate Financial Planning

This article featured in the November 2024 edition of Money Marketing. 

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IF you have a few Hot Wheels cars in your attic from when you were a child, now may be the time to check how much they could be worth.

Rare Hot Wheels models can fetch as much as £3,200 at auction, according to Peter Morris, an avid Hot Wheels collector and auctioneer at Vectis Auctions.

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Hot Wheels are a brand of model cars and race tracks, created my Mattel – the inventor of Barbie – in 1968.

While the majority of toy cars are unlikely to fetch thousands of pounds, you could still walk away with a handsome profit.

How to spot a rare and valuable car

Original Hot Wheels cars from the 1960s and 70s tend to be the most valuable, Mr Morris said.

“The most expensive ones are the original red line cars, which were made in the first ten years of production,” he explained.

“You can spot them because each tire will have a red ring on it.”

The cars should also have a date on the bottom of the base which will tell you when they were made.

Look out for cars that were produced between 1968 and 1977, he said.

These cars can be picked up for about £30 to £50 but can sell for hundreds of pounds at auction.

“The most expensive one we sold was £3,200,” Mr Morris said.

“It was a Mustang Boss Hoss and still had its original card box as if it had come straight from the shop.”

But it does not matter if you still have the box as these cars are still valuable without it.

Focus on the condition of the car as this will dictate how much it is worth, warns Robert Wilkin, an auctioneer at C&T Auctioneers and Valuers.

“The value of a car will depend on whether the paint is chipped and if the wheels go round,” he said.

“The axles on Hot Wheels cars are a lot thinner than on a Matchbox car because that makes them spin quicker, which makes them go faster on the track.

“If the wheels still go round nicely then the car is worth more money than if it’s got bent axles and the wheels are out of shape.”

Do not worry if you cannot get your hands on an original Hot Wheels vehicle as more recent models can still fetch hundreds of pounds.

In 1995 Hot Wheels maker Mattel began to release a limited number of “Treasure Hunt” cars into its regular selection.

In the very first set only 10,000 of each of the 12 treasure hunt vehicles were released.

Early versions can be identified by a horizontal green stripe, with “TREA$URE HUNT SERIES” written on the packaging.

More modern cars have a circle with a flame in it on the packaging or car to indicate that it is a treasure hunt car.

Meanwhile, in 2007 Super Secret Treasure Hunts were introduced as part of a revamp of the Treasure Hunt system.

These were spun off into a “hidden” series in 2012, when Super Secret Treasure Hunts were released with mainline cars.

To spot them, look out for a gold Treasure Hunt flame logo on the packaging.

The value of these cars can vary but some will be worth hundreds of pounds each, Mr Wilkin said.

“Some treasure hunts will be only worth about £10 in the box and some of them are worth up to £200, depending on which treasure hunt car you find,” he said.

“If they’re a more desirable sort of car then they could be worth a couple of hundred pounds each.”

It does not generally matter what year they were released in so look out for cars which were produced in the 1990s and 2000s or more recently.

Some of the modern cars which were produced to coincide with the release of films do hold their value, he adds.

“There’s a lot of Batmobiles out at the moment in the last year which could be worth getting,” he said.

“One is designed to look like a Scooby-Doo van which is quite a nice one.”

How can I sell my Hot Wheels online?

You can sell your Hot Wheels car online through websites such as eBay and Facebook Marketplace.

You will need to set up a listing for your Hot Wheels which must include pictures, a price and key information such as the year the car was released.

To do so you will need to take pictures of your Hot Wheels car.

Make sure to take a photo of any wear and tear on the surface, wheels or base of the car.

Try to find a professional photo from the manufacturer of the car from when it was first released.

This will help anyone interested in buying your car to visualise what it looked like when it was first bought.

Next upload your photos to the website of your choice and begin to build your listing.

You should write a description of the item and include the make and model of the car and the condition it is in.

If you want to buy a Hot Wheels car online then do not worry too much about whether it is genuine or not.

Mr Wilkin said: “Most of the time the car itself will be genuine. If it is in a sealed packet most of the time it will be real.”

If you are planning to buy an expensive car or you think that yours may be worth a lot of money then it may be worth contacting an auction house.

An expert can look at the car to make sure that it is original and can verify that your car is genuine.

Specialist auctioneers such as C&T Auctioneers and Valuers, Sotheby’s and Vectis Auctions can help you to value your item.

You do not need to live near the auctioneer to sell with them. Check the firms’ websites for more information.

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